The cryptocurrency market has been going through tough times for more than two months. Bitcoin and Ethereum are struggling to keep the market alive, but the drop isn't just about crypto. Tech stocks on the Nasdaq entering the "correction zone" point to macro indicators and several rate hikes are expected in 2022.

Thursday evening's correction, which plunged the price of Bitcoin to $38,560.45 in about eight hours, resulted in 24-hour losses of up to 10% across the market.

Bitcoin: BTC/USDT

On the chart, which continues its horizontal movement in line with the medium-long-term downtrend with the sharp decline last night, BTC is trying to hold on to the 38313 – 37337 support zone. If it reacts, it can continue up to the 40610 resistance zone with the rise. In the medium term, if the 43581 resistance level is crossed and the candle closes above it, the uptrend can begin. If there is a candle close below the 37000 support zone, a decrease to 29000 levels can be expected in the long term.


Ethereum: ETH/USDT

The price action that continues the downtrend by creating a new low is in the Harmonic BUTTERFLY Pattern formation. If the decline continues to the level of 2796, we can get a reaction from this level and see some correction movement. 2697 support level is very important. If this level is broken and the candle closes below, a pullback can be seen up to the 2400 and 1900 support levels. On the ups, 2929 should be followed as the first strong resistance zone. If this level is exceeded and we see a candle close above it, 3211 and 3392 resistance levels can be observed.



Continuing the downtrend with a new low, price action is in the Harmonic CRAB Pattern formation. If the decline continues to the level of 0.6225, since it is close to the main support zone, a reaction can be seen and an increase can be seen. Buying opportunity can be followed by waiting for reaction from 0.6225 – 0.6000 region. On the rise, 0.7225 and 0.7667 resistance levels can be followed. The 0.8020 resistance level is the resistance level that can be followed in the medium-long term. As long as this level is broken upwards and there is no candle closing above it, the downtrend continues.


Dogecoin: DOGE/USDT

The price action inside the bearish channel started to decline by reacting at the 0.1940 resistance level. If it continues up to the main support level of 0.1417 – 0.1310, a buying opportunity can be followed from these levels. 0.1670 and 0.1940 levels should be followed on the ups. In the medium-long term, if the 0.1940 resistance zone is broken and the candle closes above it, the uptrend will start again.


Cardano: ADA/USDT

We said that after completing the Harmonic BAT Pattern formation on the 4-hour chart, it could give a selling opportunity. With the selling pressure, the formation took both of its targets. After a new high, a downtrend may start again with this selling pressure. Corrective action can be seen by reacting from 1.201 – 1.113 support levels. 1.336 should be followed in the rises, if there is a candle close above this level, the resistance levels of 1.430 and 1.540 can be followed.